Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Jun. 30, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statement of Income

Condensed Consolidating Statement of Income for the Three months ended June 30, 2016

In thousands

Parent
Company

Guarantors

Non
Guarantors

Adjustments/
Eliminations

Consolidated

Net sales

209,269

17,561

196,675

(17,092

)

406,413

Energy and related sales, net

2,001

—

2,001

Total revenues

211,270

17,561

196,675

(17,092

)

408,414

Costs of products sold

204,495

16,711

161,577

(17,092

)

365,691

Gross profit

6,775

850

35,098

—

42,723

Selling, general and administrative expenses

22,622

(36

)

14,605

—

37,191

Loss on dispositions of plant, equipment and timberlands, net

—

Operating income (loss)

(15,849

)

886

20,493

—

5,530

Other non-operating income (expense)

Interest expense

(4,289

)

—

(814

)

1,150

(3,953

)

Interest income

169

1,001

(1,150

)

Equity in earnings of subsidiaries

16,385

16,071

—

(32,456

)

—

Other, net

(575

)

(1,421

)

2,313

—

317

Total other non-operating income (expense)

11,690

15,651

1,540

(32,456

)

(3,575

)

Income (loss) before income taxes

(4,159

)

16,537

22,033

(32,456

)

1,955

Income tax provision (benefit)

(6,124

)

152

5,962

—

(10

)

Net income

1,965

16,385

16,071

(32,456

)

1,965

Other comprehensive income (loss)

(11,539

)

(13,937

)

(13,490

)

27,427

(11,539

)

Comprehensive income (loss)

(9,574

)

2,448

2,581

(5,029

)

(9,574

)

Condensed Consolidating Statement of Income for the Six months ended June 30, 2016

In thousands

Parent
Company

Guarantors

Non
Guarantors

Adjustments/
Eliminations

Consolidated

Net sales

427,157

36,207

381,141

(35,874

)

808,631

Energy and related sales, net

2,667

—

2,667

Total revenues

429,824

36,207

381,141

(35,874

)

811,298

Costs of products sold

396,454

34,761

315,391

(35,874

)

710,732

Gross profit

33,370

1,446

65,750

—

100,566

Selling, general and administrative expenses

41,067

(221

)

28,203

—

69,049

Loss on dispositions of plant, equipment and timberlands, net

—

Operating income (loss)

(7,701

)

1,667

37,525

—

31,491

Other non-operating income (expense)

Interest expense

(8,704

)

—

(1,601

)

2,236

(8,069

)

Interest income

350

1,993

(2,236

)

152

Equity in earnings of subsidiaries

29,257

27,825

—

(57,082

)

—

Other, net

(1,117

)

(1,401

)

2,135

—

(383

)

Total other non-operating income (expense)

19,786

28,417

579

(57,082

)

(8,300

)

Income before income taxes

12,085

30,084

38,104

(57,082

)

23,191

Income tax provision (benefit)

(6,048

)

827

10,279

—

5,058

Net income

18,133

29,257

27,825

(57,082

)

18,133

Other comprehensive income (loss)

4,203

(384

)

(373

)

757

4,203

Comprehensive income

22,336

28,873

27,452

(56,325

)

22,336

Condensed Consolidating Statement of Income for the Three months ended June 30, 2015


In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net sales	$	212,920		$	22,667		$	194,779		$	(19,563	)	$	410,803
Energy and related sales, net		715			—			—			—			715

Total revenues		213,635			22,667			194,779			(19,563	)		411,518
Costs of products sold		212,472			21,921			163,855			(19,563	)		378,685

Gross profit		1,163			746			30,924			—			32,833
Selling, general and administrative expenses		15,661			458			13,018			—			29,137
Loss on dispositions of plant, equipment and timberlands, net		(51	)		—			(60	)		—			(111	)

Operating income (loss)		(14,447	)		288			17,966			—			3,807
Other non-operating income (expense)
Interest expense		(4,608	)		—			(6,370	)		6,626			(4,352	)
Interest income		169			6,498			36			(6,625	)		77
Equity in earnings of subsidiaries		17,478			11,305			—			(28,783	)		—
Other, net		(746	)		(29	)		990			—			215

Total other non-operating income (expense)		12,293			17,774			(5,344	)		(28,782	)		(4,060	)

Income (loss) before income taxes		(2,154	)		18,062			12,622			(28,782	)		(253	)
Income tax provision (benefit)		(5,002	)		584			1,317			—			(3,101	)

Net income		2,848			17,478			11,305			(28,782	)		2,848
Other comprehensive income (loss)		17,087			13,680			(9,958	)		(3,722	)		17,087

Comprehensive income	$	19,935		$	31,158		$	1,347		$	(32,504	)	$	19,935

Condensed Consolidating Statement of Income for the Six months ended June 30, 2015


In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net sales	$	432,796		$	42,817		$	392,877		$	(40,218	)	$	828,272
Energy and related sales, net		2,783			—			—			—			2,783

Total revenues		435,579			42,817			392,877			(40,218	)		831,055
Costs of products sold		416,154			41,255			328,923			(40,218	)		746,114

Gross profit		19,425			1,562			63,954			—			84,941
Selling, general and administrative expenses		32,843			955			26,611			—			60,409
Gains on dispositions of plant, equipment and timberlands, net		(1,522	)		(1,183	)		(60	)		—			(2,765	)

Operating income (loss)		(11,896	)		1,790			37,403			—			27,297
Other non-operating income (expense)
Interest expense		(9,425	)		—			(12,764	)		13,329			(8,860	)
Interest income		331			13,097			41			(13,327	)		142
Equity in earnings of subsidiaries		34,562			21,499			—			(56,061	)		—
Other, net		(1,460	)		(159	)		1,649			(2	)		28

Total other non-operating income (expense)		24,008			34,437			(11,074	)		(56,061	)		(8,690	)

Income before income taxes		12,112			36,227			26,329			(56,061	)		18,607
Income tax provision (benefit)		(4,661	)		1,665			4,830			—			1,834

Net income		16,773			34,562			21,499			(56,061	)		16,773
Other comprehensive income (loss)		(18,198	)		(24,870	)		28,890			(4,020	)		(18,198	)

Comprehensive income (loss)	$	(1,425	)	$	9,692		$	50,389		$	(60,081	)	$	(1,425	)

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet as of June 30, 2016

In thousands

Parent
Company

Guarantors

Non
Guarantors

Adjustments/
Eliminations

Consolidated

Assets

Cash and cash equivalents

6,512

2,545

49,475

—

58,532

Other current assets

207,168

255,574

266,025

(262,714

)

466,053

Plant, equipment and timberlands, net

329,041

18,507

400,488

—

748,036

Investments in subsidiaries

783,479

535,117

—

(1,318,596

)

—

Other assets

112,876

—

139,687

—

252,563

Total assets

1,439,076

811,743

855,675

(1,581,310

)

1,525,184

Liabilities and Shareholders’ Equity

Current liabilities

401,540

28,180

144,387

(262,714

)

311,393

Long-term debt

247,381

—

110,985

—

358,366

Deferred income taxes

26,905

(229

)

48,479

—

75,155

Other long-term liabilities

87,027

313

16,707

—

104,047

Total liabilities

762,853

28,264

320,558

(262,714

)

848,961

Shareholders’ equity

676,223

783,479

535,117

(1,318,596

)

676,223

Total liabilities and shareholders’ equity

1,439,076

811,743

855,675

(1,581,310

)

1,525,184

Condensed Consolidating Balance Sheet as of December 31, 2015


In thousands	Parent Company		Guarantors			Non Guarantors		Adjustments/ Eliminations			Consolidated
Assets
Cash and cash equivalents	$	59,130	$	465		$	45,709	$	—		$	105,304
Other current assets		199,690		238,515			239,367		(230,509	)		447,063
Plant, equipment and timberlands, net		286,334		1,114			411,416		—			698,864
Investments in subsidiaries		737,450		507,116			—		(1,244,566	)		—
Other assets		106,586		—			142,599		—			249,185

Total assets	$	1,389,190	$	747,210		$	839,091	$	(1,475,075	)	$	1,500,416

Liabilities and Shareholders’ Equity
Current liabilities	$	363,037	$	9,725		$	162,081	$	(230,523	)	$	304,320
Long-term debt		247,075		—			106,221		—			353,296
Deferred income taxes		28,561		(79	)		47,976		—			76,458
Other long-term liabilities		87,270		—			15,825		—			103,095

Total liabilities		725,943		9,646			332,103		(230,523	)		837,169
Shareholders’ equity		663,247		737,564			506,988		(1,244,552	)		663,247

Total liabilities and shareholders’ equity	$	1,389,190	$	747,210		$	839,091	$	(1,475,075	)	$	1,500,416

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows for the Six months ended June 30, 2016


In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net cash provided (used) by
Operating activities	$	17,067		$	2,821		$	16,752		$	—		$	36,640
Investing activities
Expenditures for purchases of plant, equipment and timberlands		(51,043	)		(18,861	)		(10,487	)		—			(80,391	)
Proceeds from disposals of plant, equipment and timberlands, net		41			—			12			—			53
Repayments from intercompany loans		—			7,500			—			(7,500	)		—
Advances of intercompany loans		—			(7,880	)		—			7,880			—
Intercompany capital contributed		(17,000	)		(500	)		—			17,500			—
Other		(300	)		—			—			—			(300	)

Total investing activities		(68,302	)		(19,741	)		(10,475	)		17,880			(80,638	)
Financing activities
Net long-term borrowings		—			—			4,222			—			4,222
Payments of borrowing costs		(51	)		—			(85	)		—			(136	)
Payment of dividends to shareholders		(10,679	)		—			—			—			(10,679	)
Repayments of intercompany loans		—			—			(7,500	)		7,500			—
Borrowings of intercompany loans		7,880			—			—			(7,880	)		—
Intercompany capital (returned) received		—			17,000			500			(17,500	)		—
Proceeds from government grants		2,443			2,000			—			—			4,443
Payments related to share-based compensation awards and other		(976	)		—			—			—			(976	)

Total financing activities		(1,383	)		19,000			(2,863	)		(17,880	)		(3,126	)
Effect of exchange rate on cash		—			—			352			—			352

Net increase (decrease) in cash		(52,618	)		2,080			3,766			—			(46,772	)
Cash at the beginning of period		59,130			465			45,709			—			105,304

Cash at the end of period	$	6,512		$	2,545		$	49,475		$	—		$	58,532

Condensed Consolidating Statement of Cash Flows for the Six months ended June 30, 2015


In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net cash provided (used) by
Operating activities	$	(4,343	)	$	(695	)	$	30,551		$	—		$	25,513
Investing activities
Expenditures for purchases of plant, equipment and timberlands		(30,241	)		—			(14,334	)		—			(44,575	)
Proceeds from disposals of plant, equipment and timberlands, net		1,581			1,213			257			—			3,051
Repayments from intercompany loans		—			48,855			—			(48,855	)		—
Advances of intercompany loans		—			(38,690	)		—			38,690			—
Intercompany capital (contributed) returned		10,500			(300	)		—			(10,200	)		—
Other		(1,600	)		—			—			—			(1,600	)

Total investing activities		(19,760	)		11,078			(14,077	)		(20,365	)		(43,124	)
Financing activities
Net repayments of indebtedness		—			—			(1,492	)		—			(1,492	)
Payments of borrowing costs		(1,329	)		—			—			—			(1,329	)
Payment of dividends to shareholders		(9,992	)		—			—			—			(9,992	)
Repayments of intercompany loans		(9,158	)		—			(39,697	)		48,855			—
Borrowings of intercompany loans		38,690			—			—			(38,690	)		—
Intercompany capital (returned) received		—			(10,500	)		300			10,200			—
Payments related to share-based compensation awards and other		(2,000	)		—			—			—			(2,000	)

Total financing activities		16,211			(10,500	)		(40,889	)		20,365			(14,813	)
Effect of exchange rate on cash		—			—			(1,651	)		—			(1,651	)

Net decrease in cash		(7,892	)		(117	)		(26,066	)		—			(34,075	)
Cash at the beginning of period		42,208			509			57,120			—			99,837

Cash at the end of period	$	34,316		$	392		$	31,054		$	—		$	65,762